The profit of miners in the Russian Federation was estimated at the level of 100 billion rubles a year

How does bitcoin mining work?
How does bitcoin mining work?

Russian miners mine cryptocurrencies worth about $4 billion a year (more than 335 billion rubles), and their profit is about 100 billion rubles. Forbes writes about this with reference to the calculations of the Ministry of Finance of the Russian Federation.

The agency believes that under current conditions, budget revenues from taxation of the industry could amount to about 20 billion rubles.

“If the right prerequisites are created for the development of the industry, its multiple growth is possible and, accordingly, the growth of tax contributions,” said Ivan Chebeskov, director of the financial policy department of the Ministry of Finance.

According to the head of the State Duma Committee on Financial Markets Anatoly Aksakov, mining in the Russian Federation can be legalized as early as next year.

According to estimates by the data center operator BitRiver, in the first quarter of 2023, the Russian Federation for the first time came in second place in the world in terms of the amount of power involved in mining – 1 GW.

Recall that the bill regulating the industry has been registered in the State Duma of the Russian Federation since mid-November 2022. It obliges individuals and legal entities to report to the tax service on the mined cryptocurrencies, indicating the address of enrollment.

The document also introduces a ban on advertising digital currencies or their offer in any other form to an unlimited number of people.

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